Crude Oil Storage Report - Nov. 25
Posted: Wed Nov 25, 2015 12:04 pm
CRUDE OIL INVENTORY/’000 bbls (Week Ended 11/20/15)
Current: 488,247
Actual Build/(Withdrawal): 961
Economist Average Estimate: 1,195
Previous: 487,286
West Texas Intermediate oil futures trimmed losses on Wednesday, after data showed that oil supplies in the U.S. rose less than expected last week.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 961,000 barrels in the week ended November 20. Market analysts' expected a crude-stock rise of 1.2 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 2.6 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 1.74 million barrels last week, above forecasts for a build of 1.0 million barrels and following a gain of 1.5 million barrels in the preceding week.
The United States has an estimated 640 million barrels of storage capacity, so there is zero risk of storage filling.
Gasoline inventories increased by 2.5 million barrels, compared to expectations for a gain of 1.0 million barrels, while distillate stockpiles rose by 1.0 million barrels.
A day earlier, Nymex futures jumped $1.12, or 2.68%, after Turkish fighter jets shot down a Russian warplane near the Syrian border, fueling concerns over a disruption to supplies from the Middle East.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery slumped 77 cents, or 1.66%, to trade at $45.38 a barrel. On Tuesday, prices surged $1.29, or 2.88%.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
Saudi Arabia said earlier this week that it is prepared to use all measures necessary to ensure a stable oil market. The world's biggest oil producer added that it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.
OPEC will meet on December 4 to review their output strategy. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by OPEC last year not to cut production in order to defend their market share.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.18 a barrel, compared to $3.25 by close of trade on Tuesday.
Current: 488,247
Actual Build/(Withdrawal): 961
Economist Average Estimate: 1,195
Previous: 487,286
West Texas Intermediate oil futures trimmed losses on Wednesday, after data showed that oil supplies in the U.S. rose less than expected last week.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 961,000 barrels in the week ended November 20. Market analysts' expected a crude-stock rise of 1.2 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 2.6 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 1.74 million barrels last week, above forecasts for a build of 1.0 million barrels and following a gain of 1.5 million barrels in the preceding week.
The United States has an estimated 640 million barrels of storage capacity, so there is zero risk of storage filling.
Gasoline inventories increased by 2.5 million barrels, compared to expectations for a gain of 1.0 million barrels, while distillate stockpiles rose by 1.0 million barrels.
A day earlier, Nymex futures jumped $1.12, or 2.68%, after Turkish fighter jets shot down a Russian warplane near the Syrian border, fueling concerns over a disruption to supplies from the Middle East.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery slumped 77 cents, or 1.66%, to trade at $45.38 a barrel. On Tuesday, prices surged $1.29, or 2.88%.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
Saudi Arabia said earlier this week that it is prepared to use all measures necessary to ensure a stable oil market. The world's biggest oil producer added that it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.
OPEC will meet on December 4 to review their output strategy. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by OPEC last year not to cut production in order to defend their market share.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $3.18 a barrel, compared to $3.25 by close of trade on Tuesday.